Zhihu Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Jehu Inc. fourth quarter and full year 2025 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a Q&A session. Today's conference is being recorded and webcasted. At this time, I would like to turn the conference over to Yolande Leo. Head of IR and Capital Markets. Please go ahead, madam.

Thank you, Heidi. Hello, everyone. Welcome to JUHU's 2025 Fourth Quarter and Full Year Financial Results Conference Call. Joining me today on the call from Senior Management Team are Mr. Zhou Yuan, Founder, Chairman, and Chief Executive Officer, and Mr. Wang Han, Chief Financial Officer. Before we begin, I'd like to remind you that today's discussion will include forward-looking statements made under the safe harbor provisions of the U.S. Private Security Legation Reform Act of 1995. These statements involve inherent risks and uncertainties. As such, actual results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in our public filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Additionally, the discussion today will include both GAAP and non-GAAP financial results for a comparison purpose only. For reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to our earnings release issue earlier today. In addition, a webcast replay of this conference call will be available on our IR website at ir.zhuo.com. Today, Victor Zhou, an AI agent representing Mr. Zhou Yuan, will deliver prepared remarks in English on his behalf. As Victor is still being refined, we appreciate your understanding.

Victor, please go ahead.